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20 Jan 2021 | 09:17

IQE expecting record revenue performance for 2020

(Sharecast News) - Semiconductor wafer and materials company IQE said on Wednesday that revenue for 2020 was expected to be around £178m, subject to audit, rising from £140m year-on-year. The AIM-traded firm said that was consistent with its previously-issued guidance of at least £170m, and would represent annual growth of over 25%.

It also highlighted a net cash position of about £2m at year-end on 31 December, swinging from net debt of £16m at the end of 2019.

The board said that was a result of its strong trading performance, a continued reduction in capital investment, and a focus on cash management.

It said trading remained "favourable" in the final quarter of 2020, with the company entering 2021 with positive momentum in both the wireless and photonics business units.

"I am extremely proud of our strong financial and operational performance in 2020, which represents a record revenue performance for IQE," said chief executive officer Dr Drew Nelson.

"We also demonstrated strong free cash flow of close to £18 million, facilitating the transition to a net cash positive position at year end.

"The whole IQE team contributed to this result and they have demonstrated outstanding resilience throughout what was a hugely challenging year globally."

At 0900 GMT, shares in IQE were 3.42% higher at 78.29p.
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